In September 2008, the Government of Nigeria announced a new tariff policy beginning in 2008 to 2012, which marked its second attempt at harmonizing its tariff with its West African neighbors under the Economic Community of West African States (ECOWAS) Common External Tariff (CET).

The new tariff policy places imports into one of five tariff bands, namely, zero duty on special medicines not produced locally, industrial machinery and equipment (industrial machineries and equipment only attract zero duty if imported during the first year of the company's operation); 5-percent duty on raw materials and other capital goods; 10-percent duty on intermediate goods; 20-percent duty on finished goods; and 35-percent duty on luxury goods and finished goods in infant industries that the government would like to protect. The new tariff policy reduces the number of prohibited imports from 44 items to 26 items.